The Central Bank of Nigeria (CBN) has revoked the operating licence of Skye Bank Plc with immediate effect.
Godwin Emefiele, Governor of Central Bank, disclosed this during a press briefing in Lagos on Friday.
He said that Skye Bank would now be taken over by Polaris Bank, which would take over all the assets and liabilities of the defunct entity.
The bridge bank will inject N786bn to recapitalise the bank and return it to stability and profitability before selling to interested investors.
The management of the defunct bank was however retained for its good performance.
The defunct Skye Bank has been on CBN’s lifeline since July 2016 and the apex bank says it can no longer continue to intervene to keep the balance liquid.